1Q 2023

Analyst Insight: Energy Storage Trends and Opportunities in Emerging Markets

Energy Storage Forecast Database Insights

Energy storage is fundamental to creating a smarter, more flexible energy system. Globally, countries are recognizing the valuable benefits provided by energy storage by installing projects that utilize renewable technologies, such as wind or solar generation, paired with batteries. These systems typically provide cheaper energy than fossil fuels, help decarbonize economies, increase community energy resiliency, and stabilize the energy grid. In emerging markets, such as Latin America and the Middle East & Africa, energy storage systems (ESS) are projected to grow in number to tackle energy instability; increase energy access for remote communities; and take advantage of geographical benefits such as high solar irradiation and wind speeds through the proliferation of renewable technologies.

Dramatic cost declines, increasing manufacturing capacity, and market and regulatory reforms have combined in recent years to form a thriving energy storage market. These factors are responsible for the considerable growth in both distributed and utility-scale settings. Guidehouse Insights expects the storage market to grow steadily through 2031, as governments around the world strive to retire gas peaker plants in favor of less carbon-intensive generation methods, and Europe looks to reduce reliance on natural gas imports amid geopolitical concerns.

This Guidehouse Insights report highlights energy storage trends and opportunities in emerging markets: market inflection trends, market drivers and barriers, market forecasts regarding capacity and revenue, the energy storage environments of Asia Pacific, Latin America, the Middle East, and Africa, and conclusions for industry stakeholders.

Pages 15
Tables | Charts | Figures 4
  • What is the total global energy storage power capacity?
  • Which region leads the world in total energy storage capacity?
  • What are the major inflection trends, drivers, and barriers in the energy storage market?
  • How will ESS capacity and revenue grow over the next decade?
  • What are the characteristics of emerging regions in the energy storage market?
  • Energy storage and smart grid technology companies
  • Energy storage project developers
  • Smart grid hardware and software providers
  • Large industrial power users
  • Government agencies
  • Military agencies
  • Non-governmental organizations
  • Investor community
  • Utilities
  • Solar financing companies



Executive Summary

Market Inflection Trends

Market Drivers and Barriers

Market Forecast: ESS Capacity and Revenue

Case Study—Asia Pacific

Case Study—Latin America

Case Study—Middle East

Case Study—Africa


Acronyms and Abbreviations

Additional Resources


  • Annual Total ESS Capacity Additions by Region: World Markets 2022-2031
  • Annual Total ESS Revenue by Region: World Markets 2022-2031
  • Energy Storage Potential by Region, World Markets: 2022-2031
  • Market Drivers and Barriers
Choose a License Type
$750 USD
$750 USD